Wall Street Journal (paywall):

The study’s authors cited reductions in safety-net programs, including Social Security and Medicare, and the shift from old-fashioned pension plans, which guarantee retirees a set income for life, to 401(k)-type plans, which leave it up to workers to decide how much to save and how to invest.

“Financial risks were shunted off onto individuals,” said the study.

The age at which full Social Security benefits are available has been rising, to 67 for those born in 1960 or later, up from 65 for those born in 1937 or earlier.

In addition, incomes for retirees have stagnated in recent years while the percentage of households with debt headed by people 55 or older has risen steadily for more than two decades …